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Wednesday, March 21, 2018

5 Strategies to Monetize a Blog

Whether you're running a personal blog as a hobby, or managing the official blog on your company's website, monetizing your work is entirely possible -- it just takes a good amount of time and effort.

While there's no exact formula to start making money, there are some tried and true strategies you can start experimenting with to see what works best for your content, your business model, and your audience. Below, we'll dive into each of these monetization ideas:

How to Monetize a Blog: 5 Strategies

1. Build an lead funnel for your product.

If you work at a B2B company or have a long sales cycle, reading a blog post is usually a customer’s first and furthest interaction from their actual purchase. But it’s also arguably the most important stage of the inbound funnel. Attracting your audience’s attention with helpful, educational, or entertaining content creates a larger pool of people to convert into leads and close as customers. In other words, your blog marks the start of a relationship with your customers.

Ideally, you’ll want to craft compelling blog content that your audience can discover easily through a Google search or social media. You can also pay to amplify your distribution on Facebook, which has the best targeting tools out of all the social media sites and is cost effective, or through paid search, which can thrust you to the top of a high-volume Google SERP, although some keywords are expensive.

After people start reading your blog content more, and want to read it on consistent basis, they’ll sign up for your blog’s email subscription. Once strangers to your brand, they’re now regular visitors.

When these visitors read enough blog posts, you can entice them to download eBooks, tools, and calculators that will turn them into leads. You can attach these lead generators to blog posts, email them to your blog subscribers, or send them through Facebook ads using cookie-based retargeting.

You can then nurture qualified leads with more blog posts and lead generators through email or Facebook ads. Consistently educating them and helping them solve their problems will build their trust, making it more likely they’ll move to the middle of your funnel when they’re ready. And once you see them researching your product or service by reading case studies, requesting a demo, or trying to contact sales, you can move them to the bottom of the funnel, where sales will qualify their fit as a customer.

Sales will close some of these leads into customers, and they’ll be thanking you when they do. Your blog introduced their customers to your brand.

2. Offer sponsored content opportunities to other brands.

Publishers like BuzzFeed and The Dodo produce content that floods social media almost every day. And they make money by helping other brands do it too.

Brands will collaborate with their video production, social media, and analytics teams to craft posts and videos that follow their formula for virality. Publishers also distribute this sponsored content to their massive social media and website followings. This content is similar to the publishers’ native content, so their audience will enjoy reading it, exposing their clients to a huge, engaged, and new viewership and boosting their followings and audience engagement.

If your blog generates a significant amount of traffic, you can leverage your editorial expertise and audience reach to help smaller brands tell captivating stories to a bigger and better viewership.

3. Offer coaching services.

Your blog posts can serve as a teaser for how much your readers can learn about a certain subject matter. Because if you write about enhancing certain skills like selling, social savviness, sports, cooking, and music, your blog posts can only teach your readers so much. They need to practice these skills in real life to see substantial improvement.

But if your readers practice these skills on their own, they’ll only get so much better. If they really want to improve, training with a coach will guide them toward success faster than anything else. Think about it. What would improve your basketball skills the most? Reading Michael Jordan’s book about shooting and practicing his tips by yourself? Or reading his book and then taking shooting lessons with him?

As a coach, your blog is your most important marketing asset. It helps your potential clients improve themselves while giving them a glimpse into what life would be like if they actually achieved one of their life-long goals. Your blog inspires readers to strive for their dreams. And when they’re more motivated to reach their potential, they’ll usually want an expert directing them toward greatness, not just themselves.

4. Market your freelance writing skills.

As a freelance blogger, you need to show potential clients that you can write compelling content. To do this, you could try to attract their attention with your previous work, but you usually don’t have control over those topics. So what if they don’t pique their interest?

The best way to show potential clients you can write compelling content is by engaging them with your own content. When you start a blog, you have access to your post’s performance metrics and complete control over the topics you cover. This allows you to write content that you know your target audience will devour, attracting more and more potential clients to your blog. And once they realize they rely on you for content marketing advice, they’ll know they can trust you to help them improve their own content marketing.

For instance, Eddie Shleyner, a freelance copywriter and content marketer, markets his business called VeryGoodCopy by writing articles about copywriting, content marketing, and psychology. His articles are so engaging and insightful that organizations like The North Face, Geico, and Mercedes Benz hire him to write articles, eBooks, landing pages, website copy, and email campaigns.

5. Market affiliate products.

Affiliate marketing is one of the best ways to monetize a blog when you don’t sell a product or service. It’s a relatively simple process too. You’ll partner with an eCommerce platform or businesses that have affiliate programs and pick out relevant products to promote on your blog. Your partners will then send you custom links to their product pages that can track customers referred by your blog. And if someone clicks on the link and buys the product, you’ll earn a commission.

One of the most popular affiliate marketing programs is Amazon Associates. You can choose from over one million of Amazon’s eCommerce products to advertise on your blog, and you can earn up to 10% in commission.

Out of all the ways you can make money blogging, affiliate marketing requires the least amount of time, money, and resources. You don’t have to build, market, or sell a product or service and inserting affiliate links in your blog posts doesn’t cost any money. All you have to do is wait for people to click on them and buy something.